Patriot Coal Case Kicked From NYC To St. Louis
Nov. 29 (Bloomberg Law) -- The decision sending the Patriot Coal Corp. reorganization to St. Louis will focus debate on the near impossibility of convincing a judge in New York or Delaware to send a bankruptcy somewhere else, as Bloomberg Law's Lee Pacchia and Bloomberg News bankruptcy columnist Bill Rochelle discuss on their new video. Prompted by Pacchia's question about "administrative insolvency," Rochelle looks at Hostess Brands Inc. and wonders if the judge will have made an inextricable mess if it turns out there is no ability to pay all claims in full that arose before the reorganization effort was abandoned. The show closes out with a look at three important new bankruptcy opinions, most prominently the Nov. 28 ruling by the U.S. Court of Appeals in New Orleans saying that Vitro SAB, the large Mexican glass maker, can't enforce its reorganization plan in the U.S.
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